The price of a stock is driven by fundamental factors, technical factors, and market sentiment. If we were to list this combination of drivers it might look like this:
Supply and demand Earnings per Share P/E ratio Inflation Substitutes Incidental Transactions Demographics Trends Liquidity News Market Sentiment
Which of these do not apply to Bitcoin (or cryptocurrencies in general)? I ask since Bitcoin does not have an underlying business to help drive its price movement. Presumably this means fundamental factors are not present in Bitcoin, but what about the technical and market factors? It seems like these must help drive the price variability. But does this include things like inflation and incidental transactions?